Crypto regulation: SEC chief to meet foreign, local crypto exchanges, others Monday
4th May 2024

By Adekunle Sulaimon
The newly appointed Director General, Securities and Exchange Commission, Dr Emomotimi Agama, will meet with the local and international crypto exchanges on Monday to discuss and seek consensus on the status of crypto in the country.
The meeting convened by the Blockchain Industry Coordinating Committee of Nigeria would address relevant issues and chart a progressive course for crypto regulations.
According to BICCoN chair, Lucky Uwakwe, who spoke with Cointelegraph on Thursday, the meeting is open to all digital assets exchange operators, wallet providers, other virtual asset service providers (VASPs), and relevant industry associations and bodies to address relevant issues and chart a progressive course for crypto regulations in Nigeria.
Uwakwe explained that the virtual meeting is being convened at the invitation of the SEC chief.
He noted that Agama aimed to engage with key stakeholders in the blockchain and cryptocurrency ecosystem to address regulatory challenges and opportunities through collaborative dialogue.
The associations include the Blockchain Nigeria User Group (BNUG), the Cryptographic Development Initiative in Nigeria (CDIN), the Digital Currency Consortium (DCC) and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
Uwakwe expressed hope that the meeting could spark the right kind of change that would favour all crypto stakeholders in Nigeria and internationally.
#CryptoWatchMay2024 #write2earn
#NigeriaVsBinance #NigeriaCrypto

Hey guys, Do you know that you can Cash-in your cryptos directly using Cash-in app without going through hassled peer 2 peer (p2p) exchange delays? Cash-in App makes it possible for any user to send Cryptos to their unique designated Cash-in wallet address in the app, and automatically receive the value in Naira via their registered Naira (NGN) local bank account within minutes. Cash-in is one of the best app I have ever used in exchanging my Crypto for Naira. Transactions are very swift and reliable with current up-to-date rates. This helps in preventing against cases of prevalent p2p scams done on exchange platforms as one is vulnerable even when there exists an escrow system and most victims are newbies who may be subtly deceived into releasing coins 🪙 before receiving their funds and even the experienced ones are also not left out as in cases like this.. The Question now is: Methodology How Does Cash-in Work? 1. Download the app on appstore or playstore to your phone. 2. Open the app and register your personal and Naira bank account details, then your unique Cash-in wallet address will be auto-generated for you. 3. Share your Cash-in wallet address with anyone who wants to pay you in Crypto. 4. Once you receive Crypto in your Cash-in wallet address, it will be automatically converted into Naira and paid into your registered bank account within minutes. Who can use the Cash-in App?1. Diaspora community: With Cash-in, you can send Cryptos from anywhere in the world into your Cash-in wallet address, and receive the value paid into any Nigerian bank account you register on the app with zero stories.2. Freelancers and Remote Workers: If you're getting paid for your work in Crypto, but you want it in Naira instead, you can use your Cash-in wallet address to receive the Crypto, and the value will automatically be paid into your registered Naira bank account. Just set up your account on the app, and provide your Cash-in wallet address to your employers. You will receive your payments in Naira, sent automatically to your registered bank account, once they credit your Cash-in wallet with Crypto. 3. Online/Offline Merchants: With Cash-in, your customers can pay you in Crypto, but you will receive the value in naira, sent automatically to your registered naira bank account. Just provide your Cash-in wallet address to your customers, and let Cash-in do the rest when you are paid.4. Crypto Users: Cash-in App converts your crypto into naira without any hassles or lengthy processes. Just send crypto to your unique Cash-in wallet address, and get the naira value in your bank account fast (ASAP) with no stress at all. You can download Cash-in app using the below link: https://cash-in.app/ref/8dd4767e49a4. Cash-in official telegram channel link below: https://t.me/cashin_app Here are screenshot of transactions I have done using the Cash-in App. Cash-in app is a real, legit auto crypto to naira app with fast and reliable transactions. Crypto in, Cash out. Send Crypto, get Cash with Cash-in App You also can try it and see for yourselves... Very legit, fast, reliable seamless crypto to naira transaction experience...#NigeriaCrypto #NigeriaTech #Facebook #YouTube #Instagram # Twitter# Nairaland

Before you start dreaming about any potential gains, it's important to remember that, on average, more than 80% of traders lose their money.

Furthermore, you should understand a popular mistake that most beginners make.

Many beginner traders try to get rich from one grand trade or a few lucky trades.

But that's not how trading works. And that's one of the reasons why the majority of beginner traders lose their money.

A more realistic daily gain goal is around 1% of your account size.

So, if you put $1,000 in your account, you could aim to gain around $10 per day. 

If you have a $10,000 account, then you could try to aim for a profit of $100 per day.

... and so on.

Remember that these are realistic numbers only for traders who know what they're doing.

Also, remember that if you make multiple trades per day, a big part of your profits might get eaten by the spread commissions.

Thus it's very important to choose a broker with low spreads. According to the latest comparisons, one of the regulated brokers with the lowest spreads is This Broker Platform. They offer up to 20% lower spreads on EUR/USD vs other top brokers like Forex.com, or TD Ameritrade.

Hmm.... $10 profit per day with a $1,000 investment?

You might be thinking that it's not much.

Actually, it's a LOT if you understand the power of COMPOUND INTEREST.

The secret formula to trading success

If there is a secret formula to trading (besides learning and practicing hard), it's this: 

SUCCESS = COMPOUND INTEREST + DISCIPLINE.

1% daily earnings might sound small at first, but it adds up over time if you keep compounding the profits and growing your account.

For example, let's imagine that you deposit $1,000 in your account.

As you can see in the visualization below, 1% daily compound interest from $1,000 would result in total earnings of $12,290.99 in one year.

Of course, this is just to illustrate the idea of compound interest. You would have to trade consistently every working day to achieve such a result, which is not very realistic for most people.

But you can always increase your account size if you're doing good and also go full-time into trading, so it's not impossible to reach and even beat this hypothetical target.

Theoretically, if you'd start with $30k, then the 1% daily compound interest could result in total earnings of more than $368k in a year. However, if you are expecting much bigger and faster gains, you will put too much in a single trade and most likely quickly blow your account. 

Even if you traded every day, aiming for 1% daily will never go smoothly, of course. You’ll have +3% days and -2% days, etc. 

But! This approach provides a more structured and sustainable perspective to trading.

It also gives you a target to strive for.
"Compound interest is the eighth wonder of the world. He who understands it - earns it.He who doesn't - pays it."Albert Einstein

Intermediate traders often make bigger gains at the beginning of a trading session when the markets are more active and then lose a big part or all their profits later in the day due to lower trading volume or overtrading.

Best traders try to hit their daily goal and then shut down their computers and go outside to clear their minds and reset for the next day.

#HotTrends $BTC #ETH $ETH #CryptoEducation💡🚀
#Write2Erarn #NigeriaCrypto

As the festive season envelops Nigeria in joy and celebration, there's an additional reason for jubilation as the Central Bank of Nigeria (CBN) takes a groundbreaking step, signaling the end of years-long restrictions on cryptocurrency transactions. This transformative move represents a pivotal shift in the nation's financial landscape, akin to a blossoming flower emerging from a long winter's slumber.Breaking Free from ConstraintsIn a circular issued on December 22, the CBN unveiled its decision to lift the prohibition, granting banks and financial institutions in Nigeria the liberty to re-engage with bitcoin service providers. This decision, reminiscent of a butterfly breaking free from its cocoon, symbolizes a departure from the CBN's past inhibitions, which were initially rooted in concerns about money laundering and terrorism financing tied to cryptocurrency holdings.Guidelines Crafting a New PathUnder the fresh regulations, financial institutions are now empowered to open accounts explicitly designated for companies immersed in virtual or digital asset trading. Picture these accounts as tailor-made canvases awaiting the brushstrokes of financial creativity. The caveat, however, is that these accounts must be exclusively purposed for this specific realm. In their interactions with companies navigating the cryptocurrency space, banks and financial institutions are akin to seasoned gardeners, carefully tending to these nascent financial blooms while adhering to the policies outlined in the CBN's instructions.Navigating the Crypto GardenThe garden of virtual assets has its caretakers, the Virtual Asset Service Providers (VASPs), who must secure a license from the Nigerian Securities and Exchange Commission. These VASPs are akin to skilled conductors orchestrating the harmonious transactions within the cryptocurrency domain. While banks and financial institutions are now granted the privilege to assist VASPs in their financial symphony, they are still prohibited from engaging in the trading, holding, or conducting cryptocurrency transactions within their own financial orchestras.Anticipated Impact BloomsThe removal of the cryptocurrency prohibition is not merely a regulatory shift; it's a seismic event expected to reverberate through Nigeria's financial landscape. The nation, with its predominantly young, tech-savvy population, is like a canvas awaiting the brushstrokes of financial innovation. The lifting of the ban is akin to unlocking the gates of a vast, untapped garden of financial possibilities. A recent report by Chainalysis adds another layer to this analogy, likening the growing crypto transactions in Nigeria to a garden in full bloom, with a 9% year-over-year growth to $56.7 billion between July 2022 and June 2023.Balancing on the Crypto TightropeWhile this newfound freedom presents a garden of opportunities, it also requires walking a tightrope to maintain balance. Ensuring compliance with international standards for preventing illicit activities is a challenge, reminiscent of a skilled tightrope walker finding equilibrium while navigating a thin line. It underscores the need for a nuanced approach, similar to a seasoned gardener carefully nurturing a delicate flower to bloom without compromising its integrity.As Nigeria revels in the festive season, the lifting of restrictions on crypto transactions paints a vivid picture of a nation stepping into a new era, embracing financial innovation with open arms. It's not just a regulatory change; it's the unlocking of a treasure trove of financial possibilities, offering opportunities and challenges in equal measure. #sol #NigeriaCrypto #BTC